Ecuador’s gross domestic product expanded at the slowest annual pace in more than a year in the fourth quarter, the central bank said.
The economy grew 6.1 percent from the year-earlier period, bringing full-year growth to 7.8 percent, the bank said in a report on its website today. From the previous three months, the economy expanded 1 percent.
Ecuador, which uses the U.S. dollar as its official currency, has had limited access to foreign credit since defaulting on $3.2 billion of international bonds in 2008 and 2009. Since then, the government has relied on windfall oil sales, new taxes and at least $7.25 billion in loans from China to help finance the budget.
The Andean country, which depends on oil sales for about a quarter of its government revenue, saw crude production rise 0.1 percent in the fourth quarter from the previous year, according to the central bank. Prices for its Oriente (LACRORIE) oil gained 13 percent over the same period, data compiled by Bloomberg show.